Can Firms Grow Without Credit? Evidence from the Euro Area, 2005-2011: A Quantile Panel Analysis

Sophia Dimelis
Authors registered in the RePEc Author Service: Ioannis Giotopoulos, Helen Louri and Sophia P Dimelis ()

GreeSE – Hellenic Observatory Papers on Greece and Southeast Europe from Hellenic Observatory, LSE

Abstract: This paper explores the effects of bank credit on firm growth before and after the recent financial crisis, taking into account different structural characteristics of banking sectors and domestic economies. Panel quantile analysis is used on a sample of 2075 euro area firms in 2005- 2011. The post-2008 credit crunch is found to seriously affect only small, slow-growth firms and especially those operating in concentrated and domestic-dominated banking systems, and in riskier and less financially developed economies. Large, high-growth firms seem to be able to find alternative financial sources and, thus, may act as carriers and facilitators of a credit-less recovery.

JEL-codes: E51 L1 L25 (search for similar items in EconPapers)
Date: 2015-02
New Economics Papers: this item is included in nep-eec, nep-mac, nep-mfd and nep-sbm
References: Add references at CitEc
Citations: View citations in EconPapers (13)

Downloads: (external link)
http://www.lse.ac.uk/europeanInstitute/research/he ... eSE/GreeSE-No-89.pdf (application/pdf)
Our link check indicates that this URL is bad, the error code is: 404 Not Found (http://www.lse.ac.uk/europeanInstitute/research/hellenicObservatory/CMS%20pdf/Publications/GreeSE/GreeSE-No-89.pdf [301 Moved Permanently]--> https://www.lse.ac.uk/europeanInstitute/research/hellenicObservatory/CMS%20pdf/Publications/GreeSE/GreeSE-No-89.pdf)

Related works:
Working Paper: Can firms grow without credit?: evidence from the Euro Area, 2005-2011: a quantile panel analysis (2015)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:hel:greese:89

Access Statistics for this paper

More papers in GreeSE – Hellenic Observatory Papers on Greece and Southeast Europe from Hellenic Observatory, LSE Contact information at EDIRC.
Bibliographic data for series maintained by Vassilis Monastiriotis ().